While it might seem like a great time to do a swap, you are just not ready for all that is involved. We are talking lots of money, fabrication, innovation, etc. If you are paying a mechanic to do this...it will cost even more. Just get your tranny rebuilt if needed. It could also just be a simple repair. That is your best course of action right now.
i wouldn't be doing the swap till mid summer when i will be taking my car up to my cousins shop where we will do the swap. till then i will slowly be accumulating the parts i need over time and as i get money.
If you want a 5 speed go for it! Yeah it does require a bit of fab work, but its well worth it. I was told it couldn't be done, I'm glad I didn't listen to them!
while you're at the yard, grab the pedal and quadrant assembly and cable with brackets just in case you decide to use the cable setup. Get all of the small parts they will let you have. you can sell or toss what you don't need. doing it that way keeps you from having to hunt stuff while fabbing it up. you should have plenty of room on the 250ci for the cable as well since the exhaust is on the other side.
I used the factory bell housing, clutch, flywheel and all of the linkage on my T5 swap into my 69.5. Just got an adapter ($139) that goes in between the T5 and bell housing and built a cross member. It is an easy swap. not at all as hard as some will make it out to be. I used my factory drive shaft and speedometer cable also. Do what you want to do. It is like night and day from the Automatic, really brings out the torque in the engine.
Sorry if this is a stupid question, so will I be able to use the factory setup from the car that I get the transmission out if.
you can use the cable to the trans. you will have to do something for the clutch pedal. you can use a stock maverick clutch and brake pedal assembly. you need to adapt a clutch quadrant on to the stock pedal to work with the cable. or you can goto a hydrolic assembly either with the stock pedal or an aftermarket pedal like the ones from cnc or willwood.
I used the Mustang quadrant I got the trans out of and welded the pivot tube in the Maverick pedal bracket. You can use the Mustang pedal, quadrant, cable, attaching hardware(clips,bushings,etc). I was a little picky about the appearance, so I welded the lower portion of the Maverick clutch pedal to the Mustang upper pedal arm so it looks unmodified from the drivers seat. Pedal effort is equivalent to a stock Mustang with a diaphragm clutch.(very light compared to the old 3 finger/bellcrank) I did reinforce the firewall with 16ga steel on the engine side since it's not designed to carry that type of load, but it was pretty simple.